Capital gain
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2011
LAND PURCHASED DATE 01.01.1991 RS. 100000.00
BUILDING CONSTRUCTED ON THAT LAND IN MONTH APR.2011 Rs. 500000.00. LAND AND BUILDING SOLD FOR Rs. 1500000.00 IN OCT 2011. WHAT IS THE NATURE OF CAPITAL GAIN ON LAND AND BUILDING WHEN CONSIDERATION IS NOT SEPARATELY DECIDED ???????
BUILDING CONSTRUCTED ON THAT LAND IN MONTH APR.2011 Rs. 500000.00. LAND AND BUILDING SOLD FOR Rs. 1500000.00 IN OCT 2011. WHAT IS THE NATURE OF CAPITAL GAIN ON LAND AND BUILDING WHEN CONSIDERATION IS NOT SEPARATELY DECIDED ???????
CA PARAS BAFNA
(Expert)
26 July 2011
LAND IS A CAPITAL ASSET. TAX INDEXED COST OF LAND. ADD COST OF IMPROVEMENT (CONSTRUCTION) IN IT.
LT CAPITAL GAIN =1600000-INDEXED COST OF LAND -CONSTRUCTION COST.
LT CAPITAL GAIN =1600000-INDEXED COST OF LAND -CONSTRUCTION COST.
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